Wednesday, April 28, 2021
Round-up of important news from major Korean dailies and international media today
The Korea Post ( http://www.koreapost.com/ )
“South Africa is a ‘gold mine’ for Korean businesses wanting to invest overseas”
“South Africa is a ’gold mine’ for the Korean business people wanting to invest overseas countries.” So say many Korean businessmen who have had business with South Africa.
Most recently, this was well attested to in an interview of The Korea Post media with Economic Counsellor Seema Sardha of the Embassy of South Africa in Seoul.
She disclosed that there are many areas where Korean business people can invest in her country. They included: (1) agriculture and agro-processing, (2) nining and minerals beneficiation, (3) manufacturing, (4) advanced manufacturing, (5) services, and (5) infrastructure. Details of the interview follow:
Korea remembers gallantry, dedication of Commonwealth regiments to defend Korea
On April 23 this year, ambassadors of the United Kingdom, Canada, Australia and New Zealand in Seoul, together with the minister of Patriots and Veterans Affairs of the Republic of Korea hosted the celebration of 70th anniversary of the Battle of Gapyeong in the Gapyeong-gum county of the Gangwon Province, some 70 kilometers northeast of Seoul.
Attending the ceremony, among other participants, were Minister Hwang Ki-chul of Veterans Administration of Korea and Ambassadors Simon Smith of the United Kingdom, Catherine Raper of Australia, Michael Danagher of Canada and Philip Turner of New Zealand.
“I will endeavor to create legal, institutional measures to improve the income, livelihood of our artists”
Chairman Lee Beom-heon of the Federation of Artistic & Cultural Organizations (FACO) of Korea in Seoul said, "We will do our best to provide legal and institutional support to our artists so that they can maintain basic livelihood through their creative activities."
In a recent interview with the Korea Post media, Chairman Lee said, “We will try to create and operate a cooperative of the artists so that they can focus on their creative activities with pride.”
He also said, “We plan to further expand the people's cultural enjoyment so that all citizens can get closer to, enjoy and experience art and culture more directly.”
Chairman Lee who was elected to the post on April 14 last year then said, “I feel profound joy and a great sense of responsibility elected as the chairman of the FACO.
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KBS ( http://world.kbs.co.kr/english/news/ )
Cardinal Cheong Jin-suk Dies at 89
Cardinal Nicholas Cheong Jin-suk, former Catholic archbishop of Seoul, has died.
An official of the Archdiocese of Seoul said Tuesday night that Cheong passed away at 10:15 p.m. at the hospital where the 89-year-old cardinal was being treated for age-related illnesses.
The official said some of his organs were donated in accordance with his will.
Cheong was born in 1931 in Seoul and entered the priesthood in 1961 after graduating from the Catholic University of Korea.
He was appointed archbishop of Seoul in 1998 after his predecessor Cardinal Kim Sou-hwan stepped down and served in the post until 2012. He was ordained as cardinal in 2006..
Independent Lawmaker Arrested on Embezzlement, Other Charges
The court has issued an arrest warrant for independent lawmaker Lee Sang-jik, who is accused of embezzlement and dereliction of duty as the founder of the cash-strapped budget carrier Eastar Jet.
Judge Kim Seung-gon at Jeonju District Court issued the warrant on Wednesday, citing the risk of the accused fabricating or destroying evidence or forcing testimonies. Sufficient grounds for establishing a crime have also been secured despite lingering room for legal disputes, the judge said.
250,000 Pfizer COVID-19 Vaccine Doses Arrive in S. Korea
Additional doses of the Pfizer COVID-19 vaccine have arrived in South Korea.
According to health authorities, a cargo flight carrying 250-thousand Pfizer vaccine doses, enough for 125-thousand people, landed at Incheon International Airport at 12:30 a.m. Wednesday.
They are part of a direct deal between the South Korean government and the U.S. pharmaceutical company under which 66 million Pfizer vaccine doses will be provided to South Korea. So far, two million have been delivered to the country.
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Yonhap ( http://english.yonhapnews.co.kr )
New virus cases in 500s for 2nd day; vaccine rollout to gather pace
South Korea's daily new virus cases stayed in the 500s for the second straight day Tuesday due to less testing as the country accelerates a vaccine rollout amid woes over another wave of the pandemic.
The country reported 512 more COVID-19 cases, including 477 local infections, raising the total caseload to 119,898, the Korea Disease Control and Prevention Agency (KDCA) said.
Tuesday's figure was slightly up from 500 the previous day. The daily caseload usually spikes from Wednesday as more people get tested.
Later in the day, health authorities and local governments reported 712 new virus cases as of 9 p.m., up 269 cases from the same time on Monday.
Police, protesters clash over shipments of power generator, construction materials onto THAAD base in Seongju
The defense ministry's latest attempt to bring non-weapon materials and construction equipment onto a Terminal High Altitude Area Defense (THAAD) base here ran into protests Wednesday from local residents and civic activists opposed to the deployment of the American missile defense system.
Police were trying to disperse a few dozens of protesters who have staged a sit-in since early in the day and blocked the passage of vehicles heading to the base for the THAAD system in the central town of Seongju, about 300 kilometers southeast of Seoul.
Coronavirus self-test kits to hit pharmacy shelves in coming days
South Koreans are expected to be able to purchase coronavirus self-test kits at local pharmacies or via online channels as early as this weekend or early next week, sources said Wednesday.
South Korea's drug safety agency on Friday green-lighted two types of COVID-19 home test kits developed by biotech firms SD Biosensor and Humasis in an effort to boost its testing capacity amid rising cases.
Anticipating its self-test kits to hit local pharmacy shelves as early as this weekend, Humasis said its product prices have yet to be finalized but will likely range from 10,000 won (US$8.99) to 12,000 won.
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The Korea Herald ( http://www.koreaherald.com )
Moon: It’s time to talk with North Korea
President Moon Jae-in on Tuesday reaffirmed his will to restore the collapsed diplomacy with North Korea in marking the third anniversary of his historic summit with North Korean leader Kim Jong-un.
“The Panmunjeom Declaration is a milestone for peace that no one can undermine,” he said during a weekly Cabinet meeting, referring to the landmark deal that was signed by the two leaders on April 27, 2018. “The path for peace, promised in the declaration, should not be reversed under any circumstances.”
Business leaders plead for pardon of detained Samsung chief
South Korea’s leading business conglomerates have submitted a petition to the presidential office, pleading for a pardon of Samsung Group’s de facto leader Lee Jae-yong, officials said Tuesday.
Amid burgeoning concerns over a global semiconductor shortage, the industry’s move marked the first case in about 10 years that business circles have publicly called for the release of a jailed business figure.
The nation’s top five business lobby groups submitted the joint statement to Cheong Wa Dae’s legal affairs office under the senior presidential secretary for civil affairs late Monday afternoon, according to the Korea Employers Federation.
Eyes on Lee Jae-yong’s share in inheritance of Samsung Life
As an official announcement on the biggest wealth inheritance in modern Korean history draws near, all eyes are on how much of the late Samsung Group Chairman Lee Kun-hee’s assets would be given to his eldest son Lee Jae-yong, who has in effect already inherited the control of the mammoth business conglomerate.
According to industry sources on Tuesday, the bereaved family of the late tycoon is anticipated to announce this week, before an April 30 deadline, a final inheritance plan, including the largest-ever payment of inheritance tax that would nearly amount to 13 trillion won ($11.7 billion).
On Monday, the Lee family applied for the change of the largest shareholder of Samsung Life Insurance with the Financial Services Commission, the government watchdog confirmed
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The Korea Times ( http://www.koreatimes.co.kr )
Samsung, NPEs eyeing LG's 5G patents
Samsung Electronics and some non-practicing entities (NPEs) have shown interest in buying or using LG Electronics' fifth-generation (5G) mobile patents after LG announced in early April it was shutting down its money-losing mobile phone business, industry sources said Tuesday.
"A lot of NPEs have approached LG Electronics for the possible acquisition of its 5G mobile patents," a source familiar with the issue told The Korea Times asking for anonymity. LG's 5G mobile patents, unlike its hardware, are considered competitive.
"Various scenarios are being discussed as LG has valuable patents in both long-term evolution (LTE) and 5G standard networks. Samsung Electronics is said to be interested in using these patents via a licensing agreement, not an acquisition," the source added.
Koreans express fears over Japanese fishery products amid Fukushima water release plan
An increasing number of Korean residents are expressing fears about the potential harmful impact of Japanese fishery products on their health, after the neighboring country announced it would release massive amounts of radioactive water into the sea.
On April 13, the Japanese government announced a plan to start releasing water containing tritium, an isotope of hydrogen, from the wrecked Fukushima Daiichi Nuclear Power Plant, which was devastated by a tsunami triggered by an earthquake in March 2011, into the Pacific Ocean beginning 2023, despite Seoul's protests.
The Fukushima plant, on the east coast of Japan, holds an estimated 1.25 million tons of contaminated water in more than 1,000 tanks.
Children may be allowed to take mother's surname
Children may be allowed to take their mother's surname, as the government plans to change the current system prioritizing paternal roots when determining a child's family name, according to the Ministry of Gender Equality and Family, Tuesday.
Under South Korean law, children must take their biological father's surname, unless the parents had agreed at the time of marriage registration to use the mother's surname.
The Minister of Gender Equality and Family released a statement Tuesday in which it indicated that such a system may lead to "discriminatory perceptions among children of various families, such as unmarried and single parents."
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HanKyoReh Shinmun ( http://english.hani.co.kr )
More students underperform in school amid COVID-19 pandemic
A high school in the South Korean city of Gwangju is currently alternating between in-person classes and remote classes for students in the first and second years. On days when classes are held remotely, a teacher at the high school surnamed Kim spends as much time on the phone as a call center employee. She’s busy waking up students who are still asleep.
Even as the COVID-19 pandemic enters its second year, students seem to be still struggling to adjust to the new routine.
“Students who aren’t as good at self-directed learning don’t answer when you call on them online and are often playing with their cell phone even in the classroom,” Kim said.
Sharp scuffle between S. Korea, Japan in US review of N. Korea policy
A sharp scuffle appears to be going down behind the scenes between the governments of South Korea, the US and Japan about the outcome of the US review of North Korean policy, which the Biden administration will soon be announcing. Last-minute efforts to adjust the ultimate policy seem to be dragging on, with South Korean President Moon Jae-in firmly expressing his government’s stance during a recent interview with the press.
The US State Department, in a regular press briefing Friday, said that the US doesn’t have a specific timeline for the policy review when asked if the US was going to wait until Moon visits the US at the end of May.
Youn Yuh-jung spekas about her career, racial unity after Oscar win
Youn Yuh-jung, 74, won the Best Supporting Actress award for her role in "Minari" at the 93rd Academy Awards on Sunday. Due to the COVID-19 pandemic, the event was held outside of its usual theater venue for the first time, taking place in Los Angeles' Union Station instead.
"I don't believe in competition. [. . .] All the nominees — five nominees — we are the winners for different movies; we play a different role. Maybe I'm luckier than you."
The acceptance speech was humble yet profound. Even after her historic achievement in becoming the first Korean actor to win an Oscar, Youn downplayed herself and showed respect for the other nominees.
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Chosun Ilbo ( http://english.chosun.com )
Dozens of Universities Have Trouble Recruiting Students
Eighty-four private universities have problems recruiting new students, which means they could end up broke before their current students have graduated. Many more provincial universities are unable to meet their annual student quotas due to the declining population and student preference for Seoul.
According to a report by the Korean Educational Development Institute, the 84 universities' finances are so bad that they can no longer operate normally and conduct proper academic research.
Sixty-two of them are outside the capital. South Chungcheong Province had the most failing universities with nine, followed by North Chungcheong Province (eight), North Gyeongsang Province (eight) and South Gyeongsang Province (six). Ninety-four of them are private universities that need to make a profit.
Average Apartment Price in Seoul Surpasses W1.1 Billion
The average price of apartments in Seoul has surpassed W1.1 billion for the first time, just seven months after it exceeded W1 billion (US$1=W1,110).
According to KB Kookmin Bank on Monday, they cost W1.1 billion on average this month, a leap of W11.3 million from just a month earlier.
Prices have soared 83 percent in the four years of the Moon Jae-in administration from W607.1 million in May 2017. Prices of luxury apartments cooled slightly, but those of mid-priced properties rose steeply.
Moon Promises to Speed up Vaccinations
President Moon Jae-in on Monday promised to speed up Korea's glacially slow coronavirus vaccination drive amid growing fears that even the modest target of achieving herd immunity by November is now a pipe dream.
"We have acquired the necessary variety of vaccines according to inoculation priority and herd immunity timing," Moon told senior Cheong Wa Dae officials. "We have a goal of reaching herd immunity faster."
The government on Sunday claimed a new contract with Pfizer has now secured enough vaccines for 99 million people.
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The Dong-A Ilbo ( http://english.donga.com/ )
US Defense Department to cautiously approach N. Korea policy
John Kirby, the press secretary of the Department of Defense, said on Monday (local time) that the examination of U.S. policy toward North Korea led by the Joe Biden administration is a very serious security issue and that it should be dealt with in the most cautious way possible. “Rushing it and failing at the end will be extremely dangerous to not only Americans, but also the allies of the U.S., such as South Korea and Japan,” he said regarding the delayed announcement of new North Korea policy, which was expected to happen in mid-April.
Ruling party steps back from establishing cryptocurrency special committee
The ruling Democratic Party of Korea has decided to take a step back from its original plan to set up a separate body within the party to respond to cryptocurrency-related issues, and to deal with the issue at its policy committee. The decision came amid concerns that poor policies or remarks coming from the special committee could further disturb the cryptocurrency market.
Party spokesperson Han Jun-ho told reporters on Tuesday that the party’s policy committee will seek action on cryptocurrency-related issues instead of creating a separate body dedicated to cryptocurrency. Committee leader Hong Ik-pyo told The Dong-A Ilbo via phone call that a hasty intervention could mess up the market.
‘Youn was a godsend,’ reports NYT
“In an awfully dry ceremony, Youn was a godsend.” The New York Times (NYT) reported Monday (local time) on Korean actress Youn Yuh-jung’s speech at the Academy Awards after receiving a trophy for the first time as a Korean actor. “When she won the supporting-actress Oscar for playing the grandmother in ‘Minari,’ Youn brought that same comic energy and then some,” reported the NYT.
Youn is charming not only overseas media, but also film fans who watched the awards ceremony. Major news outlets and online communities in the U.S. have assessed her speech to be the “best award speech.”
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The KyungHyang Shinmun ( http://english.khan.co.kr/ )
The Korean Bar Association Will Open the Lawyer Training Program for 200 Trainees Only: Law School Students Protest, “They’re Trying to Protect Their Share of the Pie”
The Korean Bar Association reaffirmed its previous plan to restrict the number of trainees for a training program for new lawyers who passed the tenth bar examination to two hundred. A group of law school students criticized the announcement and said, “Law school students are being sacrificed so they can secure their share of the pie.”
On April 26, the Korean Bar Association distributed a press release and said, “As planned, we will set the number of trainees to a maximum of 200, and if the number of applicants exceeds this number, we will conduct the training after selecting the trainees through a random draw.” The Association said, “The restriction of 200 trainees was inevitable in order to provide quality legal services, which was the basic principle of establishing law schools.”
Third Anniversary of the Panmunjom Declaration, But Inter-Korean Relations Remain in the Dark
April 27 will mark the third anniversary of the Panmunjom Declaration, but the mood inside and outside the government reflects mixed feelings. The promise to end a long history of confrontation and open an age of peace has paled, and in just three years, inter-Korean relations have moved back to a state prior to the agreement signed by the leaders. Eyes are on the soon-to-be-released results of a review by the U.S. Joe Biden administration on U.S. policies on North Korea, but it is unclear as to whether there will be an opportunity for the Moon Jae-in government to overturn the situation with only a year remaining in its term.
After the inter-Korean summit at Panmunjom on April 27, 2018, it seemed smooth sailing for the Moon Jae-in government’s process for peace on the Korean Peninsula as the world witnessed the first ever summit between North Korea and the United States on June 12, 2018. But after the collapse of the second N.K.-U.S. summit in Hanoi in February 2019, dialogue between North Korea and the U.S. and between the two Koreas have been suspended, weakening the drive for talks.
Pfizer Gives South Korea Room to Breathe, the Only Issue Now Is On-Time Delivery
The government secured additional COVID-19 vaccines from Pfizer for 20 million people (40 million doses), bringing the nation a step closer to the goal of herd immunity by November. The number of vaccines that will be introduced in South Korea has increased from doses for 79 million people to 99 million people. Now the issue is whether or not the vaccines can arrive on schedule.
In an emergency press briefing on April 24, the government-wide task force on vaccine distribution announced that the government signed a contract to purchase additional vaccines for 20 million people. However, the government did not disclose the specific time of delivery according to the confidentiality clause.
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Maeil Business News Korea ( http://www.pulsenews.co.kr/ )
Korea’s GDP adds 1.6% Q1, on path for annual growth of 3.5% or plus
South Korean economy recovered faster than expected in the first quarter, gaining 1.6 percent from the previous quarter on enlivened corporate and consumer spending backed by government stimuli and setting stage for annual growth return to pre-Covid-19 pace.
The country’s gross domestic product (GDP) increased 1.6 percent, extending the on-quarter growth streak of 1.2 percent in the fourth quarter and 2.1 percent in the third after back-to-back contraction in the earlier half of Covid-19 year of 2020, according to a preliminary data announced by the Bank of Korea on Tuesday. The GDP grew 1.8 percent on year in the first quarter.
Samsung SDI Q1 OP up 147% on yr but down 46% on qtr
South Korea’s battery maker Samsung SDI Co. celebrated its best-ever first-quarter results with its bottom line turning around by more than 200 times from a year ago in line with galloping demand in rechargeable power in all size.
Samsung SDI in disclosure Tuesday reported a 146.74 percent year-over-year jump in operating income during the January to March period to 133.2 billion won ($199.9 million). Revenue rose 23.59 percent from a year ago to 2.96 trillion won and net profit grew more than 200 times to 150 billion won.
Against the previous three-month period, operating profit dropped 45.91 percent and sales 8.86 percent as the first quarter is a typical slow season, the company said.
Korean unicorns backed by big global investors line up for US IPO
Wall Street debut has become a plausible option for Korea’s up-and-coming startups to scale up in a big way and go global at the same time following the spectacular New York Stock Exchange debut of Coupang.
Candidates with eyes on U.S. IPO are Kurly Inc., the operator of Korea’s leading online grocery store Market Kurly; Dunamu Inc., operator of Korea’s top cryptocurrency exchange Upbit; Kakao Entertainment, an affiliate of Korea’s dominant chat app Kakao Talk; Naver Webtoon, a Los Angeles-based web cartoon platform operator of internet giant Naver Corp; and hotel booking platform major Yanolja.
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Azerbaijan: www.youtube.com/watch?v=OR8CBpcQ4WM
Sri Lanka: www.youtube.com/watch?v=hByX92Y2aGY&t=22s
Morocco: www.youtube.com/watch?v=jfFmp2sVvSE
And many other countries.
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